Manor Farm, an eighth-generation Irish chicken-processing business, has agreed to be acquired by Scandi Standard, a Nordic company,
The Independent
reported.
The €70 million deal is one of the biggest in Ireland this year, the article said.
Brothers Vincent and Justin Carton have eight daughters between them. At a family meeting, they asked if any of the daughters were interested in joining the business. All of the young women declined, according to the report.
Scandi “had been in the background for several years as a possible buyer and the deal took on some momentum around 12 months ago,” the article said.
As part of the deal, the Carton brothers will receive 6 million shares in Scandi Standard and will become the company's largest individual shareholders; they will own slightly less than 10% of the company,
The Independent
reported.
Manor Farm was founded in 1775 as a livery stable business and moved into the poultry market around 1790, Vincent Carton told
The Independent.
His father built Ireland's first commercial hatchery, in Carrickmacross, County Monaghan, in 1968. In 1970, the company opened Ireland's first EU-approved chicken-processing plant. Today, Manor Farm has 850 employees.
In 1988, Vincent and Justin created a holding company, Carton Brothers, and bought out the rest of the family, the article said. Although they owned the company outright, their father remained CEO until 1998.
Vincent Carton will continue as CEO of Manor farm and will join Scandi's board, the report said.
A new investment company, Carton Sister, is being formed to help the eight ninth-generation women finance their ideas, the article said. (Source:
The Independent,
July 2, 2017.)
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